Ch. 22 Test Review #2: Question Preview (ID: 14143)

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Which of the following would not be a useful guide in determining what to purchase?
a) Feedback from customers
b) Company records
c) Personal favorites of the business's owners
d) Comparison studies of competing businesses

Which of the following is a disadvantage for a business that buys all of its products from one supplier?
a) The supplier would likely charge a higher price.
b) If the supplier’s workers went on strike, the buyer might not be able to get the products it needs.
c) The business may not be able to get good credit terms from the supplier.
d) The supplier’s service may not be as good if it doesn’t have to worry about other suppliers.

A price reduction that manufacturers give to their channel partners in exchange for additional services is a
a) Seasonal discount
b) Cash discount
c) Quantity discount
d) Trade discount

Purchasing snow blowers in the summer to help the manufacturer balance production and inventory levels often qualifies the buyer for a
a) Cash discount
b) Seasonal discount
c) Quantity discount
d) Trade discount

The actual price a customer pays for a product is the
a) Cost of goods sold
b) Selling price
c) Markup
d) Discount

For manufacturers, the total cost of the materials, operations, and personnel used to make a product is the
a) Cost of goods sold
b) Selling price
c) Markup
d) Discount

The cost of goods sold plus operating expenses plus net profit equals the
a) Gross profit
b) Margin
c) Markup
d) Selling price

On an invoice, credit terms that require the buyer to pay in full in 30 days but would grant the buyer a 2 percent discount for paying within 10 days would be expressed as
a) 2/30, n/10
b) full 30, 2/10
c) 2/10, n/30
d) 10/2, n/30

Which of the following is not an example of an operating expense?
a) Advertising
b) Taxes
c) Depreciation
d) Cost of goods sold

The manufacturer of a product that is very popular will benefit from pricing based on
a) Consumer demand
b) Meeting competitors' prices
c) Earning a specific profit
d) Selling more merchandise

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